Introduction

Nigeria's trade activity accelerated in Q2 2026, with total external merchandise trade climbing to N41.44 trillion, a 19.13% increase from the prior quarter. The expansion generated a notable N12.60 trillion trade surplus, reflecting stronger export performance and moderated import growth.

What Happened

Total merchandise trade reached N41.44 trillion in Q2 2026, up from N34.79 trillion in Q1. Exports contributed N27.02 trillion, representing 65.20% of total trade, while imports totaled N14.42 trillion, or 34.80% of the value. Crude oil remained the leading exported commodity, valued at N12.91 trillion and accounting for 47.79% of total exports. Non-crude oil exports also performed strongly, reaching N14.10 trillion, with non-oil products contributing N3.72 trillion. On the import side, the value of goods decreased by 12.55% compared to Q2 2025, falling from N16.49 trillion to N14.42 trillion. India, Spain, the Netherlands, the United States, and Togo emerged as the top five export destinations, collectively representing 38.51% of total export value.

Why This Matters

The widening trade surplus underscores improved export momentum and controlled import demand, key indicators for Nigeria's external sector health. Strong performance in crude oil exports, alongside a 90.03% year-on-year increase in solid mineral exports, highlights the country's diversifying revenue streams. The data also reveals significant trade flows with African partners, where exports to the continent reached N6.65 trillion, driven largely by petroleum products, while imports from Africa totaled N1.10 trillion. These trends emphasize the role of trade policy in supporting economic growth and regional integration.

Key Takeaways

  • Total trade value hit N41.44 trillion, up 19.13% quarter-on-quarter.
  • Nigeria recorded a N12.60 trillion trade surplus in Q2 2026.
  • Crude oil dominated exports at N12.91 trillion, accounting for 47.79% of total export value.
  • Non-oil exports totaled N14.10 trillion, with non-oil products contributing N3.72 trillion.
  • Top export destinations included India, Spain, the Netherlands, the United States, and Togo.
  • Import growth slowed, with a 12.55% annual decrease, reflecting tighter demand or policy effects.
  • Export value to African countries totaled N6.65 trillion, with Togo, South Africa, Ivory Coast, Ghana, and Egypt as top destinations.
  • Solid mineral exports grew 90.03% year-on-year, reaching N146.91 billion.
  • Manufactured goods exports totaled N393.03 billion, with vessels, aluminum alloys, and cigarettes as top items.
  • Raw material exports hit N2.31 trillion, led by urea shipments to the United States.

Conclusion

Nigeria's Q2 2026 trade data reveals a robust external sector driven by strong export performance, particularly in crude oil and non-oil commodities, while import growth moderated. The significant trade surplus and shifting destination patterns highlight both opportunities and the need for continued policy focus on diversifying export markets and supporting key sectors. As the year progresses, these trends will be crucial for assessing Nigeria's economic trajectory and its integration into regional and global trade networks.